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Rising Home Values and Shifting Ownership in Zip Code 44811: Bellevue's Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 44811, located in Bellevue, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 13,168 in 2022, has seen interesting trends in both the ownership and rental markets, reflecting broader economic changes and local dynamics. The homeownership rate in zip code 44811 has shown a slight decline over the years, dropping from 77% in 2013 to 73% in 2022. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $88,259, which steadily rose to $152,142 by 2022, representing a substantial 72% increase over this period. The most dramatic jump occurred between 2020 and 2021, when average home prices surged from $121,108 to $138,190, a 14% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the relatively stable homeownership rates during this time. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, we observe a corresponding decline in homeownership rates from 76% to 72%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The rental market in zip code 44811 has shown an inverse relationship to homeownership trends. As the percentage of renters increased from 23% in 2013 to 27% in 2022, average rent prices experienced fluctuations. In 2013, the average rent was $717, which peaked at $760 in 2021 before slightly decreasing to $724 in 2022. Interestingly, despite the overall increase in renter percentage, rent prices have not shown a consistent upward trend, suggesting other factors like local economic conditions or housing supply may be influencing rental costs.
Looking at the most recent data, the average home price in zip code 44811 reached $159,235 in 2023 and further increased to $169,005 in 2024. This represents a continued upward trajectory in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44811 will continue to rise, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $800-$850 per month by 2029, considering the historical fluctuations and recent stabilization in rental costs.
In summary, zip code 44811 has experienced a gradual shift towards a higher percentage of renters, coupled with a substantial increase in average home prices. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As home prices continue to rise and interest rates remain elevated, it will be crucial to monitor how these factors influence future homeownership trends and affordability in this Ohio community.
